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MoneyGram International Money Transfers

23 May 2017

Send cash overseas to over 197 countries with MoneyGram.

MoneyGram is a money transfer service operating in over 190 countries. They’re powered by global foreign exchange leader OFX, and with them you can send money via an online bank transfer straight to your recipient’s account, or from one of thousands of agent locations to other locations or bank accounts around the globe.

Because MoneyGram allows cash pick up in a huge range of popular and exotic locations, it’s perfect for sending cash to relatives without bank accounts or travelling friends and family who need urgent funds.

If you're sending cash through a MoneyGram agent it can be available to pick up in as little as 10 minutes in some cases, meaning if you need to send money in a hurry you can.

MoneyGram exchange rates

As mentioned, MoneyGram is powered by OFX, a leading money transfer provider in Australia with competitive fees and exchange rates. You can see a comparison of MoneyGram’s exchange rates below.

1 AUD in:

MoneyGram

Commonwealth Bank

CurrencyFair

USD

0.8539

0.8414

0.8756

GBP

0.5336

0.5214

0.5476

CAD

0.9598

0.9397

0.9856

JPY

90.2634

88.3236

92.75

EUR

0.6646

0.6483

0.6825

NZD

1.0686

1.0554

1.0953

INR

51.8167

52.8430

N/A

CNY

5.1259

5.2375

N/A

THB

27.6141

27.1003

28.370

AED

3.1356

3.1071

3.2145

Comparison accurate at time of writing 16/10/14 2:00PM EST.

As can be seen, MoneyGram offers competitive rates compared to banks, and even other money transfer services. Keep in mind that the above comparison doesn’t take into account fees. Read on to see a common transfer and the fees you’d be charged for it.

How much does it cost to transfer money with MoneyGram?

MoneyGram has a simple fee structure. If you’re transferring under AUD$10,000, you’ll be charged a flat fee of AUD$15 per transfer.

Transfers over $10,000 come with no transfer fees.

If you transfer regularly you can also make use of MoneyGram’s ‘bundle’ feature, which you can purchase in advance.

The way it works is simple, if you bundle four transfers together, you’ll pay $11.25 per transfer rather than $15. If you bundle 15 transfers together you’ll pay $9 per transfer, meaning a saving of $90. The table below shows different savings for different bundle amounts.

No. of transfers in bundle

Cost

Cost without bundle

Saving

1

$15

$15

$0

4

$45

$60

$15

7

$75

$105

$30

11

$105

$165

$65

15

$135

$225

$90

Minimum transfer amount and available countries

MoneyGram has a minimum transfer amount of $250, meaning it can’t be used for small transfers, and has a large maximum of $100,000.

Money transfers through MoneyGram are available in 197 countries, and the following currencies are supported:

AED

AUD

BND

CAD

CHF

CZK

DKK

EUR

FJD

HKD

HUF

IDR

ILS

INR

JPY

KRW

KWD

LKR

MAD

MGA

MXN

MYR

NOK

NZD

OMR

PEN

PGK

PHP

PKR

PLN

SAR

SBD

SCR

SEK

SGD

THB

TOP

TRY

TWD

USD

VND

VUV

WST

XOF

XPF

ZAR

What types of transfers can you carry out with MoneyGram?

MoneyGram allows a range of transfers which cater to all users, including:

Spot transfers. These are transfers which allow you to lock in a spot rate and then make your transfer within two days. This means you can select a competitive rate and make a transfer when you’re ready.

Limit orders. A limit order allows you to specify an exchange rate you want, and then wait until your rate is reached. Only then will your transfer be carried out, meaning you get to make a transfer at the rate which satisfies you. There’s a minimum amount of $30,000 with this type of transfer with MoneyGram.

Forward contracts. A forward contract basically refers to you being able to lock in a rate now for a transfer in the future. MoneyGram allows you to settle in as little as two days or as long as 12 months, and is available for amounts above $30,000.

Regular transfers. You can schedule regular transfers with MoneyGram in the event that you need to make regular transfers overseas. If you have fixed payments you can lock in an exchange rate upfront, or if you have non fixed payments, your rate will vary as per usual.

The MoneyGram registration and transfer process

To start making money transfers with MoneyGram, you need to register for a free account on the MoneyGram website. The registration will require you to enter in a few details about yourself, including whether you’ll be making bank account to bank account transfers or cash transfers.

You’ll also need to enter in your name and details about where you live, as well as some basic information about the transfers you plan to make.

Once this is complete you’ll receive an email and a phone call from MoneyGram to finalise your registration.

Money transfers with MoneyGram

If you’re making a transfer, you can do so with cash in person at a MoneyGram Branch, or online.

Cash transfers

To conduct a cash transfer with MoneyGram you’ll have to find a MoneyGram agent, bring some identification, including a passport or driver’s licence, and then complete the money transfer form. You’ll then need to contact the recipient and give them the reference number.

In Australia, you can make cash transfers at 7-Eleven stores, Global Speedlink and more.

Online transfers

Sending money to a bank account overseas with MoneyGram is also simple. All you need to do is log in to your account and specify the amount you’re transferring, and then accept the quote.

Then, you’ll need to send MoneyGram the money, and they’ll send it to the recipient. Money is usually transferred to the recipient within one to two days of sending it to MoneyGram.

Pros and cons of using MoneyGram

Pros

Competitive exchange rates. As can be seen in the comparison above, MoneyGram has competitive exchange rates.

Related Posts

If you need to send an international money transfer from Australia to the USA, compare the services of MoneyGram, Western Union and PayPal to find out which company offers the lowest fees and best exchange rates.

International Money Transfer Offers

TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies. Once registered, you'll be assigned an Account Manager who can provide support and guidance.

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76 Responses

Yes, you can. To start the process, please register for a free account first with MoneyGram on their website. The registration will require you to enter a few details about yourself, including whether you’ll be making bank account to bank account transfers or cash transfers.

my auntie from Houston sent me money but the email she used were she had to get the confirmation code is block,she had done the all process.want can she do?I have received the money because I haven’t got the reference number.

Thanks for you question. Just to confirm, you’ve come through to finder.com.au – we are an Australian comparison website providing general advice.

This page relates to Moneygram Australia, however Moneygram is a global service so you would be able to transfer money from New York to United Kingdom. In Australia the minimum transfer amount is $250 and the maximum amount is $100,000. If you’re sending money from the U.S to the U.K, it is best to check with Moneygram U.S to find out what the minimum or maximum transfer amounts are.

MoneyGram charges a flat transfer fee. If you’re transferring under AUD$10,000, you’ll be charged a flat fee of AUD$15 per transfer. Otherwise, you may want to consider taking up the ‘bundle’ feature which lets you making regular transfers at a reduced price. The table on this page shows the cost of different bundle packages.

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